Hester Peirce emphasizes understanding of challenges faced by crypto developers and advocates for regulatory clarity in the crypto industry.
United States SEC Commissioner Hester Peirce, a prominent supporter of cryptocurrency, acknowledges that she empathizes with the frustrations faced by developers in the crypto sphere who encounter regulatory hurdles.
She underscores her comprehension of the difficulties encountered by those in the crypto sector as they grapple with regulatory intricacies.
Peirce Advocates Clear Regulatory Path for Cryptocurrency Developers
During a recent Fireside chat at ETHDenver, Hester Peirce asserted that individuals within the crypto realm should be afforded the liberty to focus on innovation without the burden of inadvertently conflicting with regulatory frameworks.
Peirce, a staunch advocate for crypto, recently voiced her backing for the approval of spot Ethereum ETFs, citing the SEC’s recent green light for spot Bitcoin ETFs.
She proposed leveraging the approval of Bitcoin ETFs as a precedent for a broader spectrum of crypto ETFs.
Peirce reiterated that the ambiguity surrounding regulations in the United States is hindering the ability of crypto firms to operate transparently, a sentiment echoed by many in the industry.
She argued that the market, rather than lawmakers, should organically dictate the functioning of the crypto industry.
The crypto sector has long been advocating for clearer regulations from US regulators.
In the wake of the collapse of crypto exchange FTX in November 2022, Coinbase CEO Brian Armstrong asserted that the SEC has faltered in establishing regulatory clarity in the United States.
Crypto Regulation Encounters Prolonged Uncertainty
Consequently, numerous American investors and 95% of trading activity migrated offshore.
Nevertheless, Peirce suggested that the majority of the crypto industry is eager to gain a better understanding of the rules. This is to delineate the boundaries of permissible actions for their crypto enterprises and companies.
On January 15, Circle chief executive Jeremy Allaire expressed optimism about the likelihood of stablecoin regulations being enacted in the US in 2024.